We advised an ad hoc group of term lenders in connection with the transaction

Davis Polk advised an ad hoc group of term lenders in connection with the refinancing of approximately $600 million in term loans and revolving loans under TPx Communications’ existing credit agreement into new superpriority secured credit facilities. Among other things, the refinancing and amendment provided for (i) a $70 million new money equity investment by the company’s sponsor, and (ii) extended maturity dates and certain enhancements for the consenting lenders’ loans.

TPx Communications is a leading nationwide managed service provider focused on the success of small and medium-sized businesses with approximately 18,000 customers in more than 49,000 locations across the United States.

The Davis Polk restructuring team included partners Damian S. Schaible and Natasha Tsiouris and associates Michael Pera, David Kratzer and Mary Kudolo. The finance team included partner Kenneth J. Steinberg, counsel Jon Finelli and associate Alexander K.B. Shimamura. The tax team included partner Mario J. Verdolini and associate William Liang. All members of the Davis Polk team are based in the New York office.

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